Red Roof Inn – Chicago-Lansing, IL – SOLD by WHI
Warmbrodt Hotel Investments, Inc. (“WHI”) is pleased to announce the sale of the Red Roof Inn – Chicago-Lansing, Illinois. WHI acted as exclusive advisor on behalf of one of its institutional clients.
“Though the lending market is improving, there are still challenges in completing transactions, particularly in the time frames for lender underwriting, commitment and ultimately closing. WHI maintained open communication between buyer, seller and lender to finalize the transaction,” said Zane Varvel, Vice-President of WHI.
Red Roof Inn consistently achieves high rankings in J.D. Power & Associates Guest Satisfaction Index Studies in the economy budget segment. The company has been expanding their franchise platform by selling certain assets to qualified franchisees. In conjunction with their $90 Million dollar renovation initiative, Red Roof is strategically implementing the NextGen redesign for all their properties. The 108-room, two-story, exterior-corridor property, consisting of two buildings, was built in 1982 and totally renovated in 2004. The property in Chicago-Lansing will be renovated to new standards and maintain the Red Roof Inn franchise.